Daily Altcoin Price Analysis: Litecoin, Dash, Dogecoin
Dash, Dogecoin and Litecoin price analysis on November 28 by Frederic Racine on Cointelegraph.
After yesterday’s success Litecoin turned as red as a beet and slowly slide down. The Litecoin price correction is likely to continue during this weekend and on Monday. So, if the price range of $3.50—$3.70 has been a tough row to hoe for Litecoin, the question is if we are going to see it in the $3.20—$3.50 soon. Well, not sure. The upper border of the price corridor occurs at the level $3.50, but its lower edge is still unclear.
The key factor dragging Litecoin down is China. Its cryptocurrency market depends heavily on the country’s stock market. As China’s stock exchanges revive, Litecoin and Bitcoin in the local market falter and tumble, when the stock indexes gloom – a growing trend for cryptocurrencies occurs. The reason is simple: in China both the stock and the cryptocurrency exchanges are dominated by the same group of traders, and they move funds between the markets according to their earnings. Bad news for Litecoin enthusiasts: Chinese stocks are going up.
DASH continues to “dye the price chart with red", as it’s falling by 5-6% per day according to Poloniex. Last week was the same as in the illustration above. Will we see the dynamics for growth next week? It turned out that the price of DASH has never recovered after leaving the Bitfinex exchange. Since then, it’s hard to see it moving from a falling trend any time soon. What's best for the price, is not necessarily better for the cryptocurrency. Evan Duffield thinks that the team is working hard and DASH has one of the most active community in the world. So, it’s not a problem to let the price fall. We suggest to buy for a little longer, but set the order low.
The Dogecoin chart on Cryptsy remains boring, as the landscape of late November. The 38-40 satoshi price is the range which doesn’t give traders a chance to make interesting deals, as they only enrich Cryptsy by paying trading fees, and that's all.
Now the trading volume is only 37 BTC per day and mostly in some ridiculous amounts below 0.01 BTC.
I would not want to upset anyone, but the Dogecoin volume and value of transactions has seen much better days.